The Swiss Financial Markets Supervisory Authority (FINMA) has adopted a provision according to which any cryptocurrency transactions worth more than $ 1000 cannot be anonymous.
Tighter control is associated with compliance with the requirements of the June FATF directives.
The new regulation will come into force on January 1next year along with new laws on financial services and financial institutions. From now on, all Swiss cryptocurrency operators will be required to collect data on anyone who intends to make a transaction over $1,000. Organizations will be required to regularly transmit this information to the authorities.
Financial Action Development Groupmoney laundering has initiated a reduction in the limit to reduce the use of uncontrolled digital assets in the shadow sector. The new FATF requirements also became one of the reasons for the postponement of the adoption of the Law on CFA in Russia.
In addition, the FATF plans to create a global monitoring system for cryptocurrency transactions.
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Switzerland rules !!!